In late 2024, National Healthcare Properties (NHPAP) completed a significant operational pivot by internalizing its advisory and property management functions, accompanied by a reverse stock split. This move aimed to streamline control and reduce external fee burdens. Over 2022-2025, revenue remained relatively stable near $340 million despite notable fluctuations in operating income linked to impairments and structural shifts. The company undertook a meaningful balance sheet overhaul by establishing unsecured credit facilities totaling $550 million in December 2025, reshaping its debt maturity profile and enhancing liquidity. Strategically, NHPAP increased emphasis on its senior housing operating properties (SHOP) segment utilizing the RIDEA structure to leverage operating upside amid regulatory and reimbursement risks inherent to healthcare real estate. With ongoing challenges in capital allocation marked by negative free cash flow and cautious dividend policies, NHPAP faces key growth and refinancing milestones in the near term.